Today’s market paints an interesting picture, with the price of (COMP) rallying strongly. Ascending to the $43.51 mark, this altcoin celebrates a 7.5% gain over the past 24 hours. A week-long view indicates an 11.5% rise, while the last 30 days offer a 6% profit. Since the dawn of the new year, COMP has found itself soaring 39% higher, converging after a significant growth period for Compound – the DeFi platform behind the token. Notably, a significant increase in the number of wallets and transactions over the past month says a lot about Compound’s progress.
Some might argue that COMP remains undervalued. Given the DeFi platform’s bull run, this altcoin could unleash more gains in the not-so-distant future. Particularly, COMP’s current chart paints a bullish trend. The coin’s indicators are hinting at a possible breakout. Its Relative Strength Index (RSI) has surged above level 50 with ambitions to climb as high as 70 or beyond.
Subtle indicators that foretold a major rally for COMP included a deep dip in its RSI between mid-August and September, which bottomed out on September 11. This movement hinted at the current rally that shot COMP to today’s rank amongst the best-performing coins in the market.
Furthermore, Compound’s steady growth as a DeFi platform is undeniable. The DappRadar data reveals an 87% increase in unique active wallets over the past 30 days, now just shy of 3,000. Likewise, with a 75% boost in transactions from the previous month, the data strongly suggests Compound is increasingly attracting users in the borrowing and lending sectors.
It’s worth noting that COMP is not the only altcoin prepping for a liftoff. Numerous promising new altcoins have graced the market this year, with several presale tokens. One notable newcomer is TG.Casino (TGC), an Ethereum-based casino platform.
Harnessing the social power and outreach of Telegram, TG.Casino offers a unique spin on the online gambling scene. Though the gaming venture only embarked on its sale the previous week, it has already raised a whopping $230,000. According to plans, the TGC token will have a total supply of 100 million, whereby 40% is allocated to presale, 20% to staking rewards, and 20% allocated for DEX liquidity. Marketing, affiliates, and gaming rewards share the remaining supply.
However, it’s essential to remember that the crypto market is marked by high risk and volatility. Therefore, adequate research and careful speculation prior to investment is paramount. But in the tug-of-war scenario of the crypto space, the rising use of platforms like Compound and TG.Casino compel us to consider their inherent potential for the years to come.
Source: Cryptonews
